I think there is no reason to sell now. The share price was so...

I think there is no reason to sell now. The share price was so low already. Those who wanted out and gave up are out. Some will buy to grab 20% more at what could be a very nice discount, and subsequently take a quick profit, or more wisely hold long term. A similar offer happened at FFM before the consolidation, at less of a discount, and the share price never hit the raise price as management bought a great project on the cheap and found happy institutional buyers. Directors were happy to buy more there as well.

This management team has a certain reputation after the success of BGL and now, it appears, FFM & MMC. At 2/3c a share on a long term risk reward basis it's somewhat of a no brainer. Nothing is guaranteed but based on the management teams previous successes, along with the expected 'super cycle' in commodities, the probabilities favour a great outcome over the next few years, maybe sooner. All imo.